Cost of goods sold

automated and uses computers to control manufacturing operations. The company uses a job-order costing system and applies manufacturing overhead cost to products on the basis of computer-hours. The following estimates were used in preparing the predetermined overhead rate at the beginning of the year: Computer-hours 82,000 Fixed manufacturing overhead cost $1,278,000 Variable manufacturing overhead per computer-hour $3.40 During the year, a severe economic recession resulted in cutting back

Construction assembles residential houses. It uses a job-costing system with two direct-cost categories (direct materials and direct labor) and one indirect-cost pool (assembly support). Direct labor-hours is the allocation base for assembly support costs. In December 2013, Anderson budgets 2014 assembly-support costs to be $8,000,000 and 2014 direct labor- hours to be 160,000. At the end of 2014, Anderson is comparing the costs of several jobs that were started and completed in 2014. Laguna Model Mission

$1,940 Job 3 $1,670, and general factory use $920. Prepare the job cost sheets for each of the three jobs. (If answer is zero, please enter 0, do not leave any fields blank.) Job 1 Date 1/31 1/31 Direct Materials 960 0 Job 2 Date 1/31 1/31 Direct Materials 1630 0 Job 3 Date 1/31 1/31 Direct Materials 720 0 0 1670 Direct Labor 0 1,940 Direct Labor 0 1570 Direct Labor In March, Hollaway Company completes Jobs 10 and 11. Job 10 cost $28,110 and Job 11 $32,630. On March 31, Job 10 is

       Direct Labor - yes,    Period Cost - yes        Direct Labor - yes,    Period Cost - No        Direct Labor - no ,    Period Cost - yes        Direct Labor - no ,    Period Cost - no | 2. (TCO A) Machinery Depreciation on a manufacturing plant is an element of: (Points : 7)        Conversion cost - yes, period cost - no        Conversion cost - yes, period cost - yes        Conversion cost - no, period cost - yes        Conversion cost - no, period cost - no | 3. (TCO B)  Evergreen Corp

As three of America's leading retailers, Home Depot, Nordstrom, and Cold Water Creek, are responsible for over $80 billion in annual sales. Retail industry analysts look for commonalities in inventory management reporting in order to track company's ability to move inventory and maximize pricing strategies and avoid having to discount obsolescent inventory thus affecting profit. Through analysis of a company's inventory management ratio, outside investors and inside management can track the number

retailer has yearly sales of $650,000. Inventory on January 1 is $260,000 (at cost). During the year, $500,000 of merchandise (at cost) is purchased. The ending inventory is $275,000 (at cost). Operating costs are $90,000. a. Calculate the cost of goods sold b. Calculate the net profit PART A: Cost of goods sold = = = = PART B: Net Profit = Gross Profit – Operating Expenses Cost of merchandise available for sale – cost value of ending inventory ($260,000 + $500,000) - $275,000 $760,000 - $275,000

units. There are three activity cost pools, with estimated total cost and expected activity as follows: The overhead cost per unit of Product A under activity-based costing is closest to: A. $6.00 B. $9.60 C. $8.63 D. $13.80 2. Austin Wool Products purchases raw wool and processes it into yarn. The spindles of yarn can then be sold directly to stores or they can be used by Austin Wool Products to make afghans. Each afghan requires one spindle of yarn. Current cost and revenue data for the spindles

improve his company’s operations if he better manages his inventory. Mr. Milligan requests your help in preparing an Inventory Analysis worksheet. The Inventory Analysis worksheet provides Mr. Milligan with information about his annual sales, cost of goods sold, gross profit, and markup on this products. Preparing the worksheet for Mr. Milligan requires you to insert columns, use several functions, and apply proper formatting to the

Required: Calculate cost of goods sold for the year. (Omit the "$" sign in your response.) Cost of goods sold Worksheet $ Difficulty: Medium Learning Objective: 06-2 [The following information applies to the questions displayed below.] During 2010, TRC Corporation has the following inventory transactions. [cal2a] Date Jan. 1 Apr. 7 Jul. 16

inventory system, the cost of purchases is debited to: Purchases. Cost of goods sold. Inventory. Accounts payable. 2)In a periodic inventory system, the cost of purchases is debited to: Purchases. Cost of goods sold. Inventory. Accounts payable. 3)In a periodic inventory system, the cost of inventories sold is: Debited to accounts receivable. Credited to cost of goods sold. Debited to cost of goods sold. Not recorded at the time goods are sold. 4)Ending inventory